U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling over 100 points on Wednesday.
The Dow traded down 0.92% to 51,045.57 while the NASDAQ declined 0.41% to 27,485.79. The S&P 500 also fell, dropping, 0.38% to 7,788.95.
Leading and Lagging Sectors
Health care shares jumped by 1.2% on Wednesday.
In trading on Wednesday, industrials stocks fell by 2.1%.
Top Headline
U.S. crude inventories dipped by 3.186 million barrels in the week ended Oct. 2, recording the biggest decline in five weeks, and versus market estimates of a 1.7 million-barrel rise.
Equities Trading UP
- BKV Corp (NYSE:BKV) shares shot up 9% to $24.02 after the company announced that a subsidiary executed into an equipment supply contract.
- Shares of Penguin Solutions Inc (NASDAQ:PENG) got a boost, surging 17% to $75.31 as the company reported upbeat financial results for the fourth quarter.
- Lipocine Inc (NASDAQ:LPCN) shares were also up, gaining 16% to $2.43 after the company announced that Health Canada approved TLANDO for testosterone replacement therapy in adult males.
Equities Trading DOWN
- Caribou Biosciences Inc (NASDAQ:CRBU) shares dipped 49% to $0.57 after the company announced it is exploring strategic alternatives.
- Shares of Webull Corp (NASDAQ:BULL) were down 20% to $5.79 following reports suggesting the bipartisan House Select Committee on China found that the company is linked with the Chinese government.
- FuelCell Energy, Inc. (NASDAQ:FCEL) was down, falling 15% to $17.65 after the company announced a CFO transition. FuelCell Energy announced that Michael Bishop will transition from his role as executive vice president, chief financial officer and treasurer, and would be succeeded by Matthew Latino.
Commodities
In commodity news, oil traded down 0.3% to $89.16 while gold traded down 1.6% at $4,121.70.
Silver traded down 2.8% to $59.885 on Wednesday, while copper fell 0.1% to $6.6425.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 1.2%, while Spain’s IBEX 35 Index dipped 1.9%, London’s FTSE 100 declined 0.8%, Germany’s DAX declined 1.5%, while France’s CAC 40 tumbled 1.4%.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 0.92%, Hong Kong’s Hang Seng Index declining 0.62% and India’s BSE Sensex dropping 0.59%.
Economics
- The volume of mortgage applications dropped by 4.2% in the week ending Oct. 2, recording the fifth straight decline.
- U.S. crude inventories dipped by 3.186 million barrels in the week ended Oct. 2, recording the biggest decline in five weeks, and versus market estimates of a 1.7 million-barrel rise.
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